Read this and save your self some money, time, and energy. Trust me.
1) Underestimating the Cost of Purchasing!
Be careful, the cost of your home is not just a $25,000 deposit and $275,000 for your home loan. Make sure you consider things like home inspections, lenders insurance, closing costs, etc.
2) Not taking advantage of the First Time Home Buyers plan.
Are you crazy? If you have looked into this, stop reading, and go search the internet or call your bank. If you’ve already started saving for your future, the government basically wants to reward you. The First Time Home Buyers plan allows you to take some money out of your RRSPs and use it to buy your first home. Clearly, theres more to it then this but I just wanted to give you something beneficial to do your homework on
3) Failing to get a property inspection.
Yup, you are right…it is another expense. Probably one of the most important ones of all. Would you buy a used car without starting it up and taking it for a ride? Do yourself a favor and get a home inspection. PLEASE.
4) Location, Location, Location.
The old saying is still true. Get yourself a great place in a great location. You will thank your future self when you decide its time to move.
5) Overextending themselves.
Don’t try to bite off more than you can chew. It is apparent that socializing is still going to be important once you move into your new place. Try to budget so that you don’t have to ask you friends to bring the cocktails. Treat yourself once in a while, don’t get yourself in a position where you feel completely strapped down financially. The home buying experience is supposed to be fun, and I’m here to try and make that happen.